THIS MONTH, we launch a new section designed to give you insight into what’s going on across a range of sectors by asking three local executives to answer a pertinent business question from the viewpoint of their respective industries. Their replies provide a snapshot of the current business landscape in our area.
What is the biggest issue currently facing your industry?
Affordability and accessibility continue to challenge institutions of higher education. However, Stockton University has targeted these issues as strategic priorities. To keep Stockton an affordable choice, we have implemented a practice of low or no increases intuition in recent years. We also carefully allocate financial aid and scholarships to balance need with merit. New construction in Galloway, Atlantic City and Manahawkin expands our capacity to offer Stockton education to abroad cross-section of students. These strategic methods reinforce our mission to deliver quality education and welcome diverse perspectives and backgrounds to the Stockton community.
Harvey Kesselman, Ed.D.
Ransomware. Most SMBs are not properly equipped to handle the IT security and support necessary to keep their companies safe. CEOs and business owners need to invest the effort and money in their IT infrastructure to ensure they can survive an attack. The first step is ensuring you have a well thought out, documented and tested disaster recovery plan. Imagine if all your client documents were gone, your accounting files are unrecoverable, payroll is lost. Would your business survive? Even if you have an in-house IT staff, you should consult with experts in disaster recovery.
The legal industry is experiencing several obstacles in the marketplace including competition, pricing, expanding in-house legal departments and commodization, but by far the largest issue the industry is grappling with is the evolving technology that has the potential to replace human contributions to legal services. Several major international law firms have “hired”(licensed) ROSS, an artificial intelligence program, to perform basic research and due diligence functions. While we are in the early stage of this disruption, the question we must ask is how quickly will this technology advance and what should law firms do to prepare for this inevitability? At Dilworth, we are embracing technology and exploring how this disruption can be used to benefit our clients.
Dilworth Paxson Cherry Hill
Published (and copyrighted) in South Jersey Biz, Volume 7, Issue 8 (August, 2017).
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